Why you should start your Brent Cross lease extension

Main reasons to start your Brent Cross lease extension today:

A Brent Cross leasehold property depreciates with the years remaining on the lease.

Brent Cross leases on residential properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Brent Cross will usually qualify for a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In some situations you may not be entitled. There are prescribed deadlines and formalities to follow once the process is triggered so it’s best to be guided by a conveyancer during the process.

Brent Cross property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone intending to purchase your property in the future might well do, so where they are unable to secure a mortgage, then the value of your property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Brent Cross?

Using our service gives you better control over the value of your Brent Cross leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Brent Cross Lease Extension Example Cases:

Kai, Brent Cross, North London

In recent months Kai, came perilously near to the eighty-year threshold with the lease on his garden flat in Brent Cross. Having bought his property 18 years previously, the unexpired term was of minimal relevance. Thankfully, he recognised he would imminently be paying an escalated premium for Extending the lease. Kai was able to extend his lease just under the wire in January. Kai and the landlord who owned the flat above ultimately settled on the final figure of £6,000 . If the lease had dropped below 80 years, the sum would have escalated by at least £1,125.

Brent Cross case:

Last September we were phoned by Mr and Mrs. A Rivera , who took over the lease of a studio apartment in Brent Cross in July 1998. We are asked if we could approximate the price would be to extend the lease by an additional years. Similar properties in Brent Cross with 100 year plus lease were in the region of £233,200. The average amount of ground rent was £60 collected every twelve months. The lease came to a finish in 2087. Having 61 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £22,800 and £26,400 exclusive of legals.